Afri Life Money Plus
Pursuing one’s dreams requires financial discipline. One needs to undertake goal based savings with definite timely returns - be it for the wedding of one’s child, that dream home or the fabulous vacation. One must also create a corpus for emergencies and at the same time one has to secure one’s loved ones financially.
With our Money Plus plan you can do all of the above and more in just a single plan. Investing in Afri Life Money Plus plan makes monitoring of your portfolio that much easy and less time consuming.
This is a non-linked, without profits, single premium payment plan which offers the policyholder a combination of protection and savings benefit. The product features of the plan are stated below:
|Type of Polic||Individual Non-Participating Product|
|Can be effected on||A Single life only|
|Frequency of Survival Benefit||Annually|
|Survival Benefits||An amount equal to 4% of single premium will be payable on survival up to the end of each policy year during the policy term|
Minimum single premium
|Eligible Age of Entry||Min 18 years (Last Birthday) - Max 99 years (Last Birthday)|
|Frequency of Premiums||Single Premium|
|Accidental death benefits||A capital equal to 100 times the current premium will be payable immediately provided there has been no prior TPD claim|
|Minimum Single Premiums||50,000|
|Maximum Single Premium||No Limit|
|Maturity Benefits||On survival of the policyholder to the end of the policy term, an amount equal to 100% of single premium will be paid to the policyholder in addition to the Annual Survival Benefit due.|
|Death Benefits||In case of death during first policy year the single premium will be returned to the nominee/ legal heir. In case of death after the completion of first policy year, an amount equal to the single premium accumulated at 4 % p.a simple interest for 5 years less any survival benefits paid before the date of death will be paid to the nominee/legal heir.|
|Policy Loan||Yes as per the policy conditions|
|Policy Fee||0.6% of the single premium +Rs 2500- over and above the single premium|
|FSC Fee||0.35% of the single premium- over and above the single premium and policy fee|
This is a fixed single premium product which is backed up by a fixed income bond, Afri Life insurance investment manager is MCB capital market.
The minimum is MUR50,000 and there is no limit on how much you can invest
MUR 500,000 subject to enhance due diligence
A simple fixed income Bonus of 4% will be paid each year on the anniversary of the commencement date of the policy.
It is a simple interest calculation which will be paid out each year.
Benefit on death during policy term due to any cause: in case of death during first policy year, the single premium will be returned to the nominee/legal heir. in case of death after the completion of first policy year, an amount equal to the single premium accumulated at 4% p.a. for 5 years less any survival benefits paid before the date of death, will be paid to the nominee/legal heir.
Bank’s are currently providing an interest rate of less than 2% on your capital for the same five year period. we will provide a return of 4% of your investment each year and in case of death after the completion of first policy year, an amount equal to the single premium accumulated at 4% p.a. for 5 years less any survival benefits paid before the date of death, will be paid to the nominee/legal heir.
No, not for this plan
Due to the already highly attractive rate provided regrettably we are unable to provide an additional bonus pay out.
No, policy is assigned to only one person per investment policy
Your principal and bonus are both assured during the investment period
Yes, you can take up to 90% of your surrender value as a loan
No, you cannot top up your existing policy but you can take out another plan for the additional amount
Yes, as per policy terms & conditions
No, in case of an individual. However a keyman insurance can be taken in case of a corporate
Principal and bonus are assured
Companies can invest under a key man insurance plan
No, a medical is not required,
Yes, the minimum age is 18 and the maximum age is 99
No, you will have to pay these fees separately over and above the intended investment amount
In case of early surrender, a percentage of the single premium will be paid as follows: 1st Policy Year : 75%, 2nd Policy Year : 80%, 3rd Policy Year : 85%, 4th Policy Year : 90% and 5th Policy Year : 95%